community reinvestment act

The Community Reinvestment Act, or CRA, requires banks and savings and loans to offer credit throughout their entire market areas and prohibits them from targeting only wealthier neighborhoods with their lending and services. The purpose of the CRA is to provide home ownership opportunities to underserved populations. The CRA was passed into law in 1977 as a result of national grassroots pressure for affordable housing. The CRA mandates that each banking institution's be evaluated to determine if it has meet the credit needs of its entire community. That record is taken into account when the federal government considers an institution's application for deposit facilities, including mergers and acquisitions. Despite continuing racial inequities in mortgage acceptance rates, as reported by ACORN and other groups, banks regularly seek to weaken the Community Reinvestment Act.

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